ENTREPRENEURSHIP€¦ · Myths of Entrepreneurship Team Failure Roadmap 2 . OVERVIEW LEARNING GOALS...
Transcript of ENTREPRENEURSHIP€¦ · Myths of Entrepreneurship Team Failure Roadmap 2 . OVERVIEW LEARNING GOALS...
ENTREPRENEURSHIP
FH-Prof. PD Dr. Bernd Ebersberger
OVERVIEW
Entrepreneurship & Innovation
Myths of Entrepreneurship
Team
Failure
Roadmap
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OVERVIEW LEARNING GOALS
After watching this lecture series, you will
Be able to define entrepreneurship and innovation
Know some of the characteristics of
entrepreneurship
Understand that entrepreneurship is a team sport
Be aware of the fact that failure is always an option
Know the steps it takes to start up your own business
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ENTREPRENEURSHIP &
INNOVATION
FH-Prof. PD Dr. Bernd Ebersberger
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
O V E RV I EW
LEARNING GOALS
1. Know what entrepreneurship is
2. Understand the role of innovation in entrepreneurship
3. Know what innovation is
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O V E RV I EW
Entrepreneurship & Innovation
1. Entrepreneurship: What is it?
2. Innovation: What is it?
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ENTREPRENEURSHIP
D E F I N I T I ON S
Two Types of Entrepreneurship
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Entrepreneurship
SME Innovation Driven E
t
CF
t
CF
D E F I N I T I ON
Entrepreneurship
…entrepreneurship is the pursuit of opportunity
beyond resources controlled…
Howard Stevenson
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D E F I N I T I ON
Entrepreneurship
Pursuit
Opportunity
Beyond resources controlled
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E N T R E P R E N E U R S H I P
Points of Departure
Start with a technology
Start with an idea
Start with a passion
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INNOVATION
D E F I N I T I ON
Innovation
Innovation = Invention * Commercialization
Innovation does not exist when only one (either invention or
commercialization) is present.
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D E F I N I T I ON
Invention ≠ Innovation
12 US Patent: US06009776
I D E E N T R E P R E N E U R S H I P
Types of Innovation
Schumpeter in 1911:
Introduction of new products
Introduction of new production processes
Opening of new markets
Conquest of a new source of supply of raw materials
Organizational change
Currently also: business models
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• what entrepreneurship is
• the role of innovation in entrepreneurship
• what innovation is
• different types of innovation
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
SIX MYTHS ABOUT
ENTREPRENEURSHIP
FH-Prof. PD Dr. Bernd Ebersberger
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
O V E RV I EW
LEARNING OUTCOMES
1. Understand some characteristics of entrepreneurs
2. Know some of the personal success factors of
entrepreneurs
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THE SIX MYTHS ABOUT
ENTREPRENEURSHIP
M YT H # 1
About Smartness
Entrepreneurs are the most brilliant and high
achieving people
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M YT H # 2
About Individuals
Entrepreneurs are heroic individuals
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M YT H # 3
About Born Entrepreneurs
Entrepreneurs are born
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M YT H # 4
About risk
Entrepreneurs love risk
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M YT H # 5
About Charisma
Entrepreneurs have charisma
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M YT H # 6
About Discipline
Entrepreneurs are undisciplined
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• Entrepreneurs are not necessarily the brightest people
• Entrepreneurship is a team sport
• Entrepreneurship can be learned
• Entrepreneurs are no gamblers
• Entrepreneurs do not have to be charismatic
• Entrepreneurs are disciplined
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
TEAM
FH-Prof. PD Dr. Bernd Ebersberger
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
O V E RV I EW
LEARNING OUTCOMES
1. See that entrepreneurship is a team sport
2. Have an idea who should be on your team
3. Know the challenges of the recruiting process
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ENTREPRENEURSHIP
IS A TEAM SPORT
I M P O RTA N T
A-Team
…an A-Team with a C-Technology always
beats a C-Team with an A-Technology…
Hermann Hauser
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I M P O RTA N T
Rule
Always hire people better than you, always hire A-
people
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I M P O RTA N T
A-Team
People are everything.
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WHO SHOULD BE ON THE TEAM?
TO S U C C E E D
Team Composition
The Hipster
The Hustler
The Hacker
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RECRUITING CHALLENGES
R E C R U I T I N G
Challenges
1. Defining the job properly
2. Putting time in the recruiting process
3. When does the recruiting process end?
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R E C R U I T I N G
Beware
1. In the beginning look for mindset & skills
2. Different stages of the growth trajectory need different
teams
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• Know what entrepreneurship is team sports
• Understand challenges of recruiting as an
entrepreneur
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
FAILURE
FH-Prof. PD Dr. Bernd Ebersberger
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
O V E RV I EW
LEARNING OUTCOMES
1. Understand that you will fail
2. See that failure is a great opportunity
3. Know how to learn from your failure
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FAILURE
E N T R E P R E N E U R S H I P
Failure
Fail fast and cheap.
Fail often.
Fail in a way that it doesn’t kill you.
Seth Godin
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S E C R E T S A U C E
Learning
Failure is not the mother of success.
The secret sauce is learning that translates failure into
success.
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S E C R E T S A U C E
Learning
Why do we not cancel projects earlier (and avoid costs
and a waste of resource)
Overconfidence bias
Illusion of predictability
Confirmation bias
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NEGATIVE EMOTIONS & LEARNING
N E G AT I V E E M O T I O N S
Learning
Failed startups / projects create negative emotions
Negative emotions are bad for learning
It is important to have a strategy
to learn from failure and
not be hampered by the negative emotions.
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N E G AT I V E E M O T I O N S
Learning Strategies
Grief work
Restoration orientation
Best results: oscillating between those two
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• Know that you can fail when you start a new
business
• Understand that failure creates negative
emotions.
• Know a strategy how to learn from failure even
though you have negative emotions
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
YOUR FIRST STEPS TOWARDS
YOUR OWN BUSINESS
A ROADMAP
FH-Prof. PD Dr. Bernd Ebersberger
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/
O V E RV I EW
LEARNING OUTCOMES
1. Have a roadmap for starting your business
2. Know about the different decisions you have to make
3. You are able to carefully consider and evaluate every
single step in launching your business
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O V E RV I EW
Your First Steps
1. Early Stage
2. Start-up Stage
3. Growth Stage
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EARLY STAGE
E A R LY S TA G E
Business Ideas
Opportunities
Completely new ideas
Improve existing goods or services
Succession
Franchising
www.gruenderservice.at/nachfolge
www.nachfolgeboerse.at
www.gruenderservice.at/franchise
www.franchiseboerse.at
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E A R LY S TA G E
Entrepreneur?
Traits of an entrepreneur
You believe in your idea and your business
You reflect upon your self
You work independently
You are flexible
…
Find out whether you are an entrepreneur
www.gruenderservice.at/unternehmertest
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E A R LY S TA G E
Business Plan
Crucial questions:
Who benefits from the goods or services I will deliver?
How do I want to earn money?
Who is my target group? How do I approach them?
How will the market develop in the future?
Who are my competitors?
How much money do I need to start the business?
Where do I best locate my business?
Sketch out or write a business plan www.gruenderservice.at/businessplan
www.i2b.at, www.strategyzer.com
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STARTUP STAGE
S TA RT U P S TA G E
Compete & Get Support
Business plan competitions often come with coaching
and counselling sessions
Adventure X in Tyrol
I2b
Best of Biotech
Science & Business Award (Sallinger Fond)
…
www.aws.at/foerderungen/aws-bob-best-of-biotech/
www.i2b.at
www.sallingerfonds.at/
www.foerderland.de/news/wettbewerbe/alle/awards/
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S TA RT U P S TA G E
Legal Form
What will be the legal form of your business?
Limited liability company
Stock corporation
General partnership
Limited partnership
Partnership by contract
Name of the company
Get advise and talk to a lawyer www.gruenderservice.at/rechtsformratgeber
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S TA RT U P S TA G E
Financial Resources
A successful business requires sound financial
resources and careful financial planning.
Young companies usually lack
Equity
Cash flow
References
Collaterals
Seek advise from experts
www.gruenderservice.at/finanzierungsratgeber
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S TA RT U P S TA G E
Grants, Subsidies & Support
Subsidies might help you launch your business.
Applications for grants and support have to be submitted before
you start the activities.
www.gruenderservice.at/foerderungen
www.awsg.at
www.ffg.at
and industry specific banks such as www.oeht.at
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S TA RT U P S TA G E
Registration
You have to get your business registered.
For some businesses in AT you need to prove your ability to run
this business (Befähigungsnachweis)
If you start a new business some fees for the registration are
waived (NeuFÖG)
www.gruenderservice.at
www.usp.gv.at
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S TA RT U P S TA G E
Social Security & Tax
There is a compulsory sickness, pension and casualty
insurance in Austria.
Insurance starts with the launch of your business.
During the registration of your business the information is
forwarded to social security and tax authorities.
Consult a tax advisor
www.svagw.at/onlineservices
www.bmf.gv.at
www.usp.gv.at
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GROWTH STAGE
G R O W TH S TA G E
Support for Your Growth
Multiple organizations support the growth of your
business with support for
Further education
Subsidies for your first employees
Financing the growth phase of your business
www.wko.at
www.en.bmdw.gv.at
www.usp.gv.at
www.awsg.at
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• Roadmap for starting your business
• About the different decisions you have to make
• You are able to carefully consider and evaluate
every single step in launching your business
FIND THE SLIDES HERE:
www.wtz-west.at/entrepreneurship/